The British Land Company Makes Another Large Sale
As reported back in December 30th, the total value of the British Land Company’s property reached nearly fourteen billion pounds.
The Director of the British Land reported in a statement that Abbey was not only an important occupier of Regent’s Place, but is now also to become an important stakeholder in the thirteen acre property. The director also stated that they are committed to completing their high quality desk space at Regent’s Place One and Two later in the year.
The UK’s largest trust for real estate investment, The British Land Company PLC, reported on Friday that it sold a portion of Regent’s Place, (2-3 Triton Square) London to Abbey.
The Triton Square development is an area of Regent’s Place currently owned by the British Land Company. It comprises five buildings in total and about a million square feet of office, retail and leisure space. Currently, around seven-thousand workers are employed on the estate.
The property is a 200,000 square foot first class office building which was developed in 2002 by British Land. The property bought by Abbey was sold for £115m ($170m) showing an opening yield of 7.2 percent, as reported by the company.
Abbey has chosen to rent out the building for almost £9m per year until the year 2022.
The move by the owner of the property comes after a number of measures have been taken by the companies involved in the real estate business to boost capital and to raise the financial statements of the company.
